Energy consumption is projected to double by 2050. With growing concerns for the current and future devastating effects of climate change, low carbon alternatives to fossil fuel technologies must play a larger role in the global energy mix, especially in developing countries such as China and India. Renewable energy technologies, which harness energy from natural resources such as the sun, wind, waves and geothermal heat, provided 19.5% of the world's total electricity in 2009.
The annual solar irradiance on the Earth exceeds the world's energy supply by several thousand times. However, technological feasibility impedes this reality. Conversion efficiencies of 39% for solar panels have been reached; however, commercially available panels usually have conversion efficiencies around 15-20%. Another difficulty with traditional inorganic solar cells is the high financial cost. Accordingly, improvements to these electronic devices are desirable.